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Thursday, 28 April 2016

Malaria Diagnostics Market Growth And Forecasts To 2022

The malaria diagnostics market was worth USD 579.5 million in 2015 owing to rising prevalence of the disease worldwide. The market is projected to reach USD 789.0 million over the forecast period. In addition to growing need for technological advancements, there is rising demand for cost-efficient and high-quality diagnostics methodologies that can trigger growth in the industry.

The diagnostics market can be segmented into rapid diagnostic tests (RDTs) and microscopic devices. RDT malaria diagnostic market accounted for a share of about 45.0% in the year 2015, in terms of revenue and is expected to continue the trend with the highest CAGR over the forecast period. Need for faster results, growing sensitivity and shortage of skilled workforce are key factors driving the industry. Also, RDTs require less turnaround time and are comparatively simple to use, which is expected to propel demand. The microscopic malaria diagnostics share, by volume, is anticipated to grow at a CAGR of about 3.7% over the next seven years.Africa malaria diagnostics market, by technology, 2012-2022, (USD Million)

Rising poverty, improper weather conditions, inadequate medical facilities, and high prevalence of, P. falciparum have resulted in increased rate of malaria in Africa. The region contributed to over 58.0% by volume in 2015 and is expected to witness a rise in the share to reach about 60.0% by 2022.

Microscopy technology dominated the MD market with more than 190 million patients diagnosed by this methodology in 2013. India was the key market for this technology and witnessed about 120 slide examinations in 2013. The MD industry in the economy is expected to grow at 3.85% over the forecast period.

South-East Asia occupied the second largest share globally and is projected to increase at a CAGR of about 4.0% from 2015 to 2022. Countries including Sri Lanka have witnessed a decrease in malaria occurrences by focusing on prevention of the disease via reintroduction phase.

The industry is consolidated with few companies occupying the dominant share in the market. The companies have been involved in new product development through technological innovation, collaborations, partnerships and joint ventures. In March 2015, Standard Diagnostics/Alere extended their alliance with FIND that involves developing a pioneering RDT for malaria along with human African trypanosomiasis commonly known as sleeping sickness. Some key players include Access Bio Inc., Premier Medical Corporation, bioMerieux, and Beckman Coulter Inc.

Grand View Research has segmented the global malaria diagnostics market on the basis of technology and region: